Acting President Han Duck-soo instructed the government Thursday to go all-out to respond to the United States' announcement of 25 percent tariffs on imports from South Korea.
Han gave the instruction during an "emergency meeting" of the economic and security strategy task force, which brought together Finance Minister Choi Sang-mok, Industry Minister Ahn Duk-geun and other senior officials from the government.
"As the situation is very grave with the approach of the reality of a global tariff war, the government must pour out all of its capabilities at its disposal to overcome this trade crisis," he said, shortly after US President Donald Trump announced tariff rates for all US trading partners, including 25 percent for South Korea, starting next Wednesday.
Han gave instructions to Ahn to carefully analyze the details and impacts of the new tariffs together with businesses and actively engage in negotiations with the US to minimize damage to the country.
He also ordered the government to swiftly draw up emergency support measures for companies and sectors affected by the tariffs, including the auto industry.
Choi is scheduled to hold a separate meeting later in the day to discuss the tariffs' impact on the financial and foreign exchange markets, while Ahn will convene a meeting to discuss strategies for outreach to the US.
Later in the day, Han will preside over another task force meeting, this time involving both the government and businesses, to further discuss their response. (Yonhap)
